Income Tax Department Introduces the Latest Tax Information Network (TIN 2.0)

To enhance the user experience for taxpayers on the e-filing portal, the income tax department introduced the Tax Information Network (TIN 2.0) last year. Starting from April 1, 2023, the entire tax payment process has transitioned from the previous TIN-NSDL to TIN 2.0.

The new e-Pay tax payment platform TIN 2.0 serves as the official portal of the income tax department, aiming to offer taxpayers a streamlined access point for various income tax-related services, including tax payments. This payment system is now available on the e-filing portal, replacing the OLTAS-based payment system.

According to the sources - Taxpayers from these specific banks will need to visit the income tax department’s e-filing portal for processing their direct tax payments.

Some notable features of the new payment platform include:

1. User-Friendly Payment Modes: The platform offers convenient payment options, including Internet Banking, NEFT/RTGS, OTC, Debit Cards, payment gateway, and UPI. The new facility brings various advantages over the previous OLTAS, providing user-friendly options for e-payment of taxes such as Net Banking, Debit Card, Over-the-counter, NEFT/RTGS, and Payment Gateway.

2. Challan Expiry: In TIN 2.0, unlike TIN 1.0, Direct Tax Challans expire 15 days before the transaction completion date. If the payment is not finalized within this period, the generated Challan will expire, requiring the taxpayer to initiate a fresh transaction.

3. Challan Availability: The challan becomes accessible on the TIN portal only after its generation.

4. Wider Choice of Banks: Taxpayers now have a broader selection of banks for tax payments. Additionally, credit or refunds may be processed on the same day.

Also Read: How To Update Your Address in Aadhar Card Online/Offline Hassle-Free in 2023!

Leave a reply